Shopify Payouts include a Breakdown by Sales Day

How Bookkeep posts Shopify Deposits or Payouts to your accounting platform

For Shopify payouts to your bank account, a decrease in your Shopify balance occurs since your bank account is receiving money. When we post these deposits, we are able to breakdown the reduction in the balance by sales day which is helpful in reconciling your books. This reduction in Shopify balance is shown as a separate line in the journal entry representing each sales day impacted. See below for an example:

In the example above the checking account receives 769.33 after fees. However, the reduction of Shopify balance is related to three days of sales. 1/20 and 1/19 sales days are both credit amounts representing a decrease in the Shopify balance as it is being paid out to the bank account. However, for the 1/21 sales day (above in the top line), the amount is shown as a debit. This represents an increase in the Shopify balance due to money being withheld for likely refunds. The sum of the three Shopify balance lines represent the amount being paid out to the bank account prior to fees. In summary, this breakdown by sales day gives more clarity as to what the deposit represents to help with reconciliation.

We have also observed instances where the deposit is reduced due to sales tax withheld being removed from the Shopify balance to be transferred to third party marketplaces such as Facebook/Instagram. If you have any questions, please contact support@bookkeep.com.